Hope and Analytics – The New Next
There’s a collective sigh of relief throughout the skilled nursing industry as the COVID-19 vaccine is now being distributed. The vaccine provides hope that we’re turning the corner and will start to see a significant decline in the spread of this devastating disease.
In a recent article in Senior Housing News, industry leaders are taking a stand of positivity for the future. Though the census reductions have been significant, SNF leaders know that to truly recover, a wait and see attitude is not going to win. The winners will be those leaning into disruption.
Now, more than ever, is the time to discover innovative technology that streamlines your data platforms and analytics to identify the areas where you can divert dissipation back to profitability.
You use various software’s to run your business and each provides a dynamic look at the insights of using that platform. However, what you really need is a way to see how those software’s work together to benefit your company’s overall financial picture. Imagine an integration of your data silos – producing real time metrics that allow you to adjust operations… long before EOM reports are produced.
Integrated Data Silos
You can have that and more with CORE, our business intelligence solution that turns information overload into business opportunity.
Prone 2 Dream Technologies developed the CORE model for the skilled nursing industry, one of the hardest hit industries of the past year. CORE stands for the core controllables in a business – Census, Overtime, Receivables, Expenses. While the model was built for skilled nursing, it is adaptable to any industry – simply replace the word “census” with “customers” or “clients” to consider your revenue source.
CORE gives you the ability to drill down into these four controllable areas to identify critical issues and see where cash can be diverted back to the bottom line or reinvested in another department, before it’s too late.
Analytics ensures that all the dollars on the table are capitalized on. For example, if cash is dissipating through the culinary department, we can identify that issue with analytics. We can reroute those funds to payroll – to support an additional CNA on the floor or give the RN back the time she must spend scheduling because she’s understaffed. Identifying where you’re leaving money on the table allows you to turn around and reinvest it in the company.
Global P&L in Real Time
In addition to a drill down look at the controllables, CORE provides the global Profit & Loss view. You have the ability to see in near real time the total of all your units, each unit individually, or even a comparative view of selected units. Having a daily data story gives you speed, eliminating the need to wait for month-end reports before taking decisive action.
What would it be like for you to have a daily data story, with near real time accuracy? It means speed and improved profitability – the speed to identify critical issues and course-correct without losing 10, 20, 30, even 45 days waiting for EOM reports, which can mean the difference between profit and loss.
Want to take a closer look at how CORE can improve your profitability?
To discuss how Prone 2 Dream Technologies can customize CORE for your company, please contact us for a complimentary consultation.
